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The company's board also authorized a $2.5 billion stock buyback program that will begin after the completion of its current stock repurchase plan. That program had about $223 million remaining at quarter's end.

However, shares fell 3.6% to $58.10 in after-hours trading net sales were at the lower end of estimates as the company projected fiscal fourth-quarter earnings below expectations.

For the current quarter, Bed Bath & Beyond forecast per-share earnings of $1.60 to $1.67, below recent estimates of analysts polled by Thomson Reuters for $1.75. The company also affirmed its fiscal year profit view.

Bed Bath & Beyond recently has struggled to keep profitability improving as the retailer has shifted toward a lower-margin assortment of merchandise, customers redeem coupons in droves and online competition increases. To stay competitive, Bed Bath & Beyond's plan includes an update of its technology and website and a roll out of specialty food and beverage sections in its stores, an addition made possible by the acquisition Cost Plus World Market.

For the quarter ended Nov. 24, Bed Bath & Beyond reported a profit of $232.8 million, or $1.03 a share, up from $228.5 million, or 95 cents a share, a year earlier. Revenue increased 15% to $2.7 billion.

Bed, Bath & Beyond in September projected earnings of 99 cents to $1.04 on net sales growth of 15% to 18%.

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